SINGAPORE - The daughter of Malaysian tycoon Robert Kuok, has been named the chief executive of Shangri-La Asia, one of Asia’s largest hotel chains, with effect from Aug 1.

Ms Kuok Hui Kwong, who is the sixth of Mr Kuok’s eight children, has been the company’s executive director since June 2016 and its chairman since January 2017.

Shangri-La Asia, dual listed in Hong Kong and Singapore, said in a bourse filing on July 16 that combining the roles of chairman and chief executive under Ms Kuok’s leadership is expected to enhance “strategic cohesion and operational execution by ensuring a unified and consistent vision across all levels of leadership”.

Under her current employment contract, Ms Kuok, 47, is entitled to a monthly base salary of HK$576,000 (S$94,300) along with a discretionary bonus and pension benefits.

She also has a total direct and indirect interest in 95.57 million Shangri-La Asia shares, representing about 2.7 per cent of the company.

Ms Kuok, 47, ranked 40th on Fortune’s 2024 list of the most powerful women in Asia.

The Shangri-La Asia group owns 81 of more than 100 hotels it operates under four main brands - Shangri-La, Kerry, Hotel Jen and Traders, according to its 2024 annual report. Its hotel properties had a net asset value of US$10.83 billion.

Ms Kuok holds a bachelor’s degree in East Asian studies from Harvard University in the United States, and was previously the managing director and chief executive of SCMP Group, which publishes the South China Morning Post. The Kuok Group sold its media arm to Alibaba, the Chinese tech giant founded by Mr Jack Ma, in 2016.

The Shangri-La group was founded in 1971 by Robert Kuok, Malaysia’s richest man, with the opening of Singapore’s Shangri-La Hotel.

Shangri-La Asia’s previous CEO, Mr Lim Beng Chee, retired at the end of 2022 but is still serving on the board as a non-executive director. Mr Lim was formerly CEO of CapitaMalls Asia.

For the financial year ended December 2024, Shangri-La Asia posted revenue of US$2.19 billion (S$2.81 billion), a two per cent increase from a year earlier. Net profit fell 12.3 per cent to US$161.4 million, weighed down by higher operating and financing costs.

Shangri-La Asia’s Singapore-listed shares were trading flat at HK$4.56 as at 11.21am on July 16, which is down about 16 per cent for the year.

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